Egypt wins position of Vice-President of Int'l Organization of Securities Commissions

CAIRO - 17 July 2022: The Financial Regulatory Authority  (FRA) retained the position of Chairman of the Developing and Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO) for the next two years (2024/2022).

 

This came after Chairman of the FRA, Mohamed Omran won by acclamation in the elections, which were voted by 90 members who have the right to vote in the committee and represent the supervisory bodies of financial markets in the countries of the world.

 

The FRA stated in a statement, Sunday, that by retaining this position, Omran's president will become vice-chairman of the Board of Directors of the International Organization of Securities Commissions for the second time in a row.

 

It added that after announcing his victory in the elections, Omran pledged to continue the activity of the FRA within the committee, and to raise it to the level that achieves the aspirations of the Egyptian state in leadership at the regional and international levels, and to achieve the goals of the committee in working to promote the development of stock markets and increase their effectiveness by setting principles basic standards.

 

 The IOSCO Principles for Regulating Securities Supervision represent the technical basis for the criteria for evaluating the securities sector on which the financial sector evaluation programs of the International Monetary Fund (IMF) and the World Bank depend, after those criteria were approved by the G-20 and the Financial Stability Board.

 

According to Omran, this achievement could only have been achieved due to the position occupied by the Egyptian state at the regional and international levels, and the remarkable contributions of the Financial Supervisory Authority to the activities of IOSCO as a result of the continuous development measures in the non-banking financial sector, which witnessed the end of its first strategy (2022-2018) and preparations to start the programs of its second strategy (2026-2022).